Bitcoin (BTC) has soared to a five-month high price on Oct.8, surging $2,000 in two hours. The largest digital currency by market cap has reached $56,150 and as it shows a bullish momentum.

The Bitcoin rally comes ahead of the monthly U.S. jobs report. It is expected that the Federal Reserve (Fed) will launch the crisis-era stimulus in November.  

Consequently, the largest cryptocurrency by price and market value blasted above the $56,000 mark reaching its highest level since May 12 while increasing the month-to-date gain by 27%.

The U.S. non-farm payrolls (NFP) report scheduled for release at 12:30 UTC on Friday is expected to show that the U.S. has added 500,000 jobs in September. The increase is two times larger than August’s 235,000 additions. Simultaneously, the jobless rate is predicted to drop to 5.1% from 5.2% according to data from FXStreet.

NFP reports will be ignored by Bitcoin this time

Since the Covid-19 pandemic appeared in 2020, Bitcoin has emerged as a hedge against inflation amid the crisis that flat money suffered from. Still, macro data releases such as the NFP report have been causing a negative impact on the digital token. 

However, this time might be different as the cryptocurrency isn’t negatively impacted by the data. In fact, the digital token might ignore it if it beats estimates and cements the case for a Fed taper. A weak report would be positive for asset prices in general.

What differentiates this time from old times is that the Bitcoin market is more focused on the U.S. regulators soon approving a futures-based Bitcoin exchange-traded fund (ETF). 

“Bitcoin is looking too strong here,” said Pankaj Balani, CEO of Delta Exchange. “The cryptocurrency has digested all the negative news that has come out of China in the past few weeks, which is a very positive sign.”

“There has been fresh spot buying activity in BTC, and looking at the price action, we expect to see a fresh ATH in the coming weeks,” he said, referring to an all-time high. The current record is $64,801, reached in April.

According to Singapore-based QCP Capital, there has been an overwhelming amount of outright buying in CME-based futures. “There are many reasons to be bullish; the stabilization of the Evergrande situation, possible upcoming approvals for BTC ETFs in the U.S., more traditional finance stalwarts like Soros Fund Management turning crypto-positive,” QCP Capital said.

 “The crypto [world] isn’t paying too much attention to quantitative easing [stimulus], and there is certainly a lot of money floating around the system, though, looking to invest in crypto projects at the moment,” Anthony Vince, global head of trading at GSR, told CoinDesk last month.